Day trading strategies on the currency pair USDCAD 25-07-2016 by AzaForex forex broker, considering trading in the forex markets check out these tips
Anyone can be a success in foreign exchange just follow these tips.
Now, finally after such a long sideways movement, the pair again came up to the top of the range. The US Dollar is going again to test the strength of the defense of the Canadian dollar. When the Forex market there is such a figure, based on technical analysis and experience of previous patterns, you can most likely assume that they will attempt to break this barrier. It is also necessary to remember that the working week has just begun, traders, and investors are optimistic, so we can expect the investment of funds in the trading account asset managers traders and a certain activity of various speculators. Of course, this level may again prove to be too tough for the bulls and Forex brokers market again ascertain a rollback from the level, but who does not risk does not drink champagne. If a break of that level would be real, that will be confirmed by the trading volumes, then we go into a long position to earn in this Forex market more than 200 points, so as to a serious next level of resistance is still very far away. But if the bears will have a fierce resistance and the price will not be able to overcome the barrier , it will be possible , after certain correction, to open a short position that would fall to the bottom of the range of this currency pair.
The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.
The MACD trend indicator is above zero level now, indicating bullish movement.
If the resistance level is broken you can use the following recommendation:
•             Chart timeframe: H4
•             The trade recommendation: Buy
•             The level of entry into long position: 1.3190
•             The level of profit and close the position: 1.3400 (210 pips)
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Possible bearish movement in the breakdown of the support level 1310
Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.3060
Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 0.9905
Forex currency pair EURUSD
Possible bearish movement in the breakdown of the support level 1.0950